Claims
In its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back of U.S. hurricanes and Japanese typhoons, reinsurers’ capital and reserves were not severely impacted, the […]
By Canadian Underwriter | January 6, 2005
1 min read
Troubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The company did report third quarter 2004 financials on December 9, but these were unaudited. Hub […]
By Canadian Underwriter | January 5, 2005
London-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations of major global insurers and reinsurers which affected a dozen nations on three continents. Hardest […]
By Canadian Underwriter | January 4, 2005
2 min read
Countries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0 on the Richter scale off the coast of Sumatra, analysts have noted that while monitoring […]
By Canadian Underwriter | January 3, 2005
In its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004, the industry posted an underwriting profit of US$3.4 billion, compared to an underwriting loss of […]
By Canadian Underwriter | January 2, 2005
Despite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to be over 150,000 from the tsunamis, which struck countries in Asia, India and Africa including […]
In its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses (the study data was compiled prior to December’s Indian Ocean tsunami losses). More significantly, more than 21,000 lives were lost to catastrophes – both man-made and natural – this year, the report notes. Overall […]
December 31, 2004
Just two days after the Toronto Stock Exchange issued a temporary cease trade order on Ontario’s The Loyalist Insurance Group Ltd. citing the company’s failure to meet reporting requirements, the company has released results for the nine months ended September 30, 2004. The results, which have not yet been certified by an external auditor, show […]
The unprecedented natural catastrophe losses suffered by insurers in 2004 have caught the attention of the United Nations. At a conference on climate change last week, the UN said more needs to be done to “avert a veritable biblical list of plagues arising from global warming”.The 10th Session of the Conference of the Parties to […]
By Canadian Underwriter | December 19, 2004
The Florida legislature decided on Friday to support a plan reimbursing policyholders who paid multiple deductibles on claims filed as a result of this year’s four major hurricanes.In the aftermath of Hurricanes Charley, Frances, Jeanne and Ivan, which struck the state between August and October, homeowners’ policyholders found themselves exposed to multiple deductibles for damage. […]
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